ACME, Japan's IHI Corporation tie up for business in green hydrogen

Clean energy firm ACME Group and Japan's heavy-industry manufacturer IHI Corporation have collaborated to explore business opportunities of green hydrogen.

The intent of this Memorandum of Understanding (MoU) is to jointly study and evaluate potential projects with respect to collaboration opportunities across the green hydrogen and ammonia value chain, including production, handling, transportation, distribution, and power generation, a statement said.

The MoU allows IHI to participate as an investor or take offtake (buy output) in one or more projects of ACME in Oman, India, the US or Egypt, it stated.

Both the companies will also explore opportunities to jointly offer a complete integrated solution to customers, from green ammonia supply, bunkering and products or solutions for various applications.

Set up in 2003, ACME Group is a pioneer in cleantech sectors such as solar, green hydrogen & ammonia and sustainable green protein development. The company is one of the leading solar power developers in India with projects across 12 states and invested and committed capex of nearly USD 8 billion.

In the past, ACME has undertaken transactions with Actis, Petronas, NIIF, Renew, BAML, Brookfield, Piramal, APG and Allianz, among others.

IHI Corporation is a comprehensive heavy-industry manufacturer working to create value for customers in four main areas -- Resource, Energy and Environment; Social Infrastructure and Offshore Facilities; Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense.